Property Overview: 541 Maryland Street, Winnipeg
Key Characteristics & Appeal
This is a 1,290 sqft, one-and-three-quarter storey home built in 1905, situated in the Daniel McIntyre neighbourhood. Its key appeal lies in its balance of historic character and practical fundamentals. The home features a generous 3,699 sqft lot for the area—larger than most neighbours—offering valuable outdoor space and potential. While the living space is modest and the basement is unrenovated, the detached garage adds functional utility. The home’s very low assessed value signals it is a clear value-play, likely suited for a hands-on buyer or investor. It would best suit a first-time buyer looking for an entry point into the market with room to grow, a renovator who sees potential beyond the current state, or an investor seeking a property with a strong land-to-value ratio in a central location. Its charm is not in immediate move-in readiness, but in the opportunity it presents.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The assessed value is for taxation purposes and often lags behind market trends. The significant difference suggests the property may be undervalued on the tax roll, but it's essential to have a current market evaluation to understand its true worth.
2. What does "one-and-three-quarter storey" mean for living space?
This style typically features a full main floor and a second floor where the roofline slopes into the walls, creating some rooms with reduced ceiling height. It offers classic character but may have less usable square footage than a full two-storey home.
3. Is the large lot a major advantage?
Yes, especially in this neighbourhood. The lot size is above average for both the street and the area, providing more private outdoor space than many nearby properties. This can be a long-term asset for enjoyment, gardening, or future expansion.
4. The home is over a century old. What should I be most concerned about?
While charm is a draw, priority inspections should focus on the foundational structure, the roof, the electrical and plumbing systems (which may be original or outdated), and the overall envelope for insulation and efficiency. An unrenovated basement also warrants a close look for moisture.
5. How does the 2019 sale price relate to today's value?
The 2019 sale gives a historical benchmark, but the local and national markets have shifted significantly since then. It should not be used as a direct indicator of current value. A comparative market analysis of recent sales in Daniel McIntyre/Spence is necessary for an accurate picture.